U.S. consumer confidence rose in June, reflecting the partial reopening of the country.
The Conference Board, a New York-based research organization, said that its Consumer Confidence Index rose to 98.1 in June after virtually no change at 85.9 in May.
The reading on consumer confidence is closely watched for clues it can give about future consumer spending, which accounts for 70 percent of economic activity.
The present situations index, based on consumers’ short-term outlook for income, business and labor market conditions, increased in June as did the expectations index, but both remain at depressed levels.
“The re-opening of the economy and relative improvement in unemployment claims helped improve consumers’ assessment of current conditions,” according to Lynn Franco, senior director of economic indicators at the Conference Board.
The confidence index was at a high this year of 132.6 in February before falling sharply in March and April as the shutdown efforts brought the U.S. economy to a standstill.
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